I’m so old I remember when Republicans would bellow “Think of the Children” every time tax proposals were discussed and each time there was a proposal to spend a dime on anything. Now they have a tax proposal which doesn’t help Nevada’s children — no matter how many times they invoke the Growth Fairy and insinuate the new plan will be better for “working families.” Not so fast. Here’s what their tax plan does:
Removes the Personal Exemption: The current tax code allows families a tax exemption of $4,050 per person. For some families, the loss of the personal exemption is recovered through the tax bill’s increase of the standard deduction to $12,000 for single filers and $24,000 for joint (married) filers. However, single parents with more than one child and married couples with three or more children would see their taxable income increase. [CFC]
Okay, so that category of families who will be “helped” doesn’t include single parents with more than one child, or married couples with three or more children…and this is “family friendly?” Thus a single parent can only have one child and benefit from the GOP tax plan, and a married couple can’t have three or more … who’s left? But wait, there’s another blow to follow:
Insufficiently Increases the Child Tax Credit: The tax bill increases the current Child Tax Credit from $1,000 to $1,600, with an additional $300 credit per parent. The addition of the Family Credit is a marginal improvement over current law, but not for families with children who are working-class or living in poverty, argues Senator Marco Rubio. Because the increases are not refundable, they won’t apply to families living under the poverty threshold, and the $300 parent credits would expire after five years. The proposal to index the refundable portion to inflation is also insufficient, as it uses a less generous estimate and ceases upon reaching $1600. (emphasis added) [CFC]
That $600 increase looks good until the curtain is pulled back and the proposal doesn’t really apply to children in working class families…which would be most of them. Notice the magic expiration date, that’s a recurring feature in the GOP plan wherein breaks for individuals and families expire but the breaks for corporations don’t. However, we’re not through here:
Repeals the Adoption Tax Credit: The adoption tax credit, which is capped at $13,570 per adopted child is a vital support for families and helps alleviate the costs of adoption fees. The Adoption Tax Credit is an important tool for children in the child welfare system to achieve permanency, as it helps defray the expensive process of adoption, especially for children with high needs. In 2014 alone, 74,000 families claimed the credit. [CFC]
Thus much for the old line about supporting adoptions and being “pro-life.” We’ve posted before about average adoption costs, and here the GOP goes again: The Mouth says one thing while the hands do another.
The bottom line is that as far as Nevada families are concerned (1) the personal exemption is inadequate; (2) the child tax credit is insufficient; and (3) the elimination of adoption tax credits is unconscionable. This really isn’t a great formula for the benefit of Nevada families and their children.
Voters in Nevada District 2 can let Representative Mark Amodei know how they feel about this at: 775-686-5760; 775-777-7705; or 202-225-6155.
Senator Heller can be contacted at: 702-388-6605; 775-686-5770; and 202-224-6244.